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Energy stocks were hit hard Tuesday, to pace the S&P 500's sector decliners, after crude oil futures tumbled more than 7% to settle at the lowest level in nearly 16 months. The SPDR Energy Select Sector ETF dropped 2.7%, on track for the lowest close since March 2016, with 27 of 29 equity components trading lower. The biggest decliner was Anadarko Petroleum Corp.'s stock , which slumped 4.9% toward a one-year low. Concho Resources Inc. shares slid 4.7% toward its lowest close since April 2016. Among the more active components, shares of Exxon Mobil Corp. dropped 3.2%, Schlumberger N.V. slid 3.4%, Halliburton Co. gave up 1.0% and Chevron Corp. declined 2.9%. The energy ETF has now tumbled 21% over the past three months, while continuous crude futures have plunged 34% and the Dow Jones Industrial Average has lost 10%.

BP PLC (BP.LN) said Monday that it will carefully review a climate resolution put forward for consideration at its 2019 annual general meeting by activist investors who have previously tabled similar votes at meetings of Royal Dutch Shell PLC (RDSB.LN).

Shares of Exxon Mobil Corp. dropped 1.9% in premarket trade Tuesday, after Raymond James analyst Pavel Molchanov turned bearish on the oil giant, citing concerns over how the outlook for oil prices will impact the company. Molchanov cut his rating to underperform from market perform. His downgrade comes despite being bullish on oil prices, as he estimates 2019 WTI to rise to $77.50 a barrel; January oil futures are currently down 1.6% early Tuesday to $56.30, down 14% this month. "This is no secret, but it bears repeating: Exxon is one of the least appealing ways to play our bullish oil call, particularly after the painful but in our view transitory oil price selloff over the past month," Molchanov wrote in a note to clients. He said Exxon is viewed by investors as "ultra-defensive" as it has limited leverage to oil prices given its "significant overweight" in downstream and chemicals. Exxon's stock has lost 0.5% over the past three months, while the SPDR Energy Select Sector ETF has lost 8.1% and the Dow Jones Industrial Average has slipped 2.9%.

Nov. 20, 2018 at 9:04 a.m. ET

by Tomi Kilgore

Exxon Mobil downgraded to underperform from market perform at Raymond James

Exxon Mobil downgraded to underperform from market perform at Raymond James

Exxon Mobil stock price target raised to $97 from $94 at J.P. Morgan

Exxon Mobil Corp. and Chevron Corp. each reported their highest third-quarter profits in four years as the world's largest oil companies appeared to have finally shaken off the doldrums of a yearslong oil price crash.

The former top diplomat told a reporter that President Trump is a man who “doesn’t like to read, doesn’t read briefing reports, doesn’t like to get into the details of a lot of things.” Mr. Trump fired back on Twitter, saying Mr. Tillerson is “dumb as rock” and “lazy as hell.”

When the U.S. imported most of its energy needs, declining oil prices were a boon to the economy. But as the U.S. has become the world’s biggest oil producer, a growing chunk of investment, manufacturing output and jobs is tied to oil.

Years of painful restructuring have left big oil companies better positioned to handle the recent decline in oil prices, but another prolonged downturn could reinforce financial discipline that has already led to concerns about underinvestment.

Apple stock has tumbled while Microsoft stock has held fairly steady—and the two giants are suddenly neck and neck for the title of largest company by market value. That should give Microsoft shareholders pause.

Exxon Mobil Corp.

Exxon Mobil Corp. engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream, and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals. The company was founded by John D. Rockefeller in 1882 and is headquartered in Irving, TX.
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